"04 February 2012" Archive

Transfer Pricing Concept & The Law in India

No exhaustive and compact definition of the phrase ‘transfer pricing’ is possible nor has it been attempted in the legislations in the countries that have tried to find solutions to this menace. When transfers by way of sales exchange, etc. are made between two independent entities unconnected with each other as normal business deals,...

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Posted Under: Income Tax | ,

TDS on Pension and Retirement Benefits

1. What is Pension? Pension is described in Section 60 of the CPC and Section 11 of the Pension Act as a periodical allowance or stipend granted on account of past service, particular merits, etc. It involves three essential features. Firstly, pension is a compensation for the past service, secondly, it owes its relationship to a past emp...

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Posted Under: Income Tax | ,

Income From Salary – Valuation of Perquisites, Exempt Allowances & Deductions

Salary is said to be the remuneration received by or accruing to an individual for service rendered as a result of an express or implied contract. The statute, gives an inclusive but not exhaustive definition of salary. As per sec. 17(1), salary includes therein (i) Wages (ii) Annuity or pension (iii) Gratuity (iv) fees, commission, perqu...

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Posted Under: Income Tax | ,

Overview of TDS Provisions related to Salary

Section 192 of the I.T. Act, 1961 provides that every person responsible for paying any income which is chargeable under the head ‘salary’, shall deduct income tax on the estimated income of the assessee under the head salaries. The tax is required to be calculated at the average rate of income tax as computed on the basis of the rate...

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Posted Under: Income Tax | ,

ICSI to declare result of CS Foundation, Executive & Professional Level on 25th Feb 2012

The CS Result December 2011 of Foundation, Executive & Professional Level would be announced on 25th Feb 2012 and would be published at all branches of ICSI. The CS Result December 2011 can also be viewed online on the following website....

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Posted Under: Income Tax |

If government authority performs a service which is not in the nature of statutory activity for a consideration not in the nature of statutory fee/levy, then in such cases, service tax would be leviable

Karnataka Government Insurance Department (K.G.I.D.) Vs. Assistant Commissioner of Central Excise (Karnataka High Court)

Karnataka Government Insurance Department V. ACCE (Karnatka HC)- Activities performed by sovereign/public authorities under the provision of law, which are in the nature of statutory obligations which are to be fulfilled in accordance with law are exempt from levy of service tax. The fee collected by them for performing such activities i...

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If the entire demand had been deleted the penalty imposed too deserves to be deleted

JDIT Vs. Shin Satellite Public Co. Ltd. (ITAT Delhi)

JDIT Vs. Shin Satellite Public Co. Ltd. (ITAT Delhi)- The stand taken by the appellant in its return of income has been upheld by the ld. High Court. Since, the quantum additions in both the assessment years under appeal has already been deleted by the ld. ITAT, no penalty can be levied u/s 271(1)(c) for either concealment or furnishing i...

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Cenvat claim cannot be denied on goods destroyed in fire merely because Insurance company paid for that inclusive of excise duty

Commissioner of Central Excise Vs. Tata Advanced Materials Ltd. (Karnataka High Court)

CCE Vs. Tata Advanced Materials Ltd. (Karnataka HC)- Merely because the Insurance Company paid the assessee the value of goods including the excise duty paid, that would not render the availment of the cenvat credit wrong or irregular. At the same time, it does not confer any right on the Excise Department to demand reversal of credit or ...

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MVAT Notification – Submission of Annexures by dealers not required to file audit report in form 704

Notification No.VAT/AMD-2011/1B/ADM-6 (04/02/2012)

Newly registered dealer shall submit the requisite annexures along with the last return for the said year i.e. alongwith the return for the period in which 31st March of that year occur. Whereas, the dealer whose business is discontinued, disposed off or transferred shall alongwith his last monthly, quarterly or six-monthly return submit ...

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Need for more research in investor education- SEBI Chairman

Inaugurating the Conference, Mr. U K Sinha, Chairman, SEBI called for more research in the field of investor education. He also said that the various financial regulators in India and the Government of India are working together in the formulation of a National Policy on Financial Education....

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Posted Under: Income Tax |